Business, Labor Groups Laud Obama Victory

Exit polls showed the economy was Issue No. 1 with voters in this presidential election. And it didn't take long for labor organizers and business leaders to start offering their thoughts on the re-election of President Obama.

Because of White House policies, the U.S. economy is "beginning to pick up steam," AFL-CIO President Richard Trumka said in a statement. He cheered Obama's win and put congressional Republicans on notice that Democrats will focus on "ending the Bush tax cuts for the rich and opposing any cuts to Social Security, Medicare, or Medicaid benefits."

The autoworkers union was particularly pleased about the defeat of Gov. Mitt Romney, who had opposed a government-sponsored auto-industry bailout.

"President Obama stood by American workers in their darkest hour, and UAW members and citizens in communities that are part of the thriving auto industry are grateful for his willingness to bet on us," UAW President Bob King said.

Many business groups had supported Romney, but after the Republican candidate made his concession speech, they expressed a desire to try to work with the Obama administration.

"We'll work with the administration to double exports, on ways to strengthen our workforce and prepare Americans for jobs in modern manufacturing," Jay Timmons, president of the National Association of Manufacturers, said in a statement after Obama had won re-election.